Singapore more optimistic about 09

The Singaporean government today raised its estimates for GDP growth (or reduced estimates for contraction) for this year, from 9% to between 4 and 6%. Helping move the markets is also the news that the economy expanded, with strong contributions from pharmaceuticals and construction, at 20.4% on an annualized basis.

The benchmark stock index climbed 1.3 percent while the Singapore dollar rose 0.4 percent to S$1.4605 against the greenback late this morning.